HSBC UK has launched digital cheque deposits for business customers to help reduce visits to branch as social distancing measures remain in place to stop the spread of COVID-19.
The bank fast-tracked plans to implement the service to enable business customers to pay in cheques remotely using the HSBC UK Business Banking App. More than 1,350 cheques with a value of almost £195,000 have already been deposited digitally via the app since the service launched last week.
A survey of business customers in April and May found that 58% have increased their usage of digital banking platforms since lockdown measures were introduced, while there has been a 60% reduction of footfall in branches.
Tom Wood, Head of Global Liquidity and Cash Management at HSBC UK, said: “While some of the lockdown restrictions are now beginning to ease, we know many businesses are still based from home and visiting a branch to deposit a cheque may not be feasible for them.
“We’ve seen a demand from customers for more digital banking tools and this service means they can deposit cheques in just a few taps of their device, from their homes or place of work.”
HSBC UK already offers mobile cheque deposits to retail customers and has seen a 34% spike since lockdown began while the bank has seen a 66% reduction in cheques paid in at branches.
Digital cheque deposits for business customers are capped at a total of £2,500 per day and individual cheques must not exceed £500.